Canopy Partners LLC Buys Shares of 2,069 Shopify Inc. $SHOP

Key Points

• Canopy Partners LLC has acquired 2,069 shares of Shopify Inc., valuing their investment at approximately $239,000, as reported in a recent SEC filing.
• Shopify's latest earnings report showed an EPS of $0.35, surpassing analyst expectations, with a revenue increase of 31.1% year-over-year.
• Currently, approximately 69.27% of Shopify's stock is held by institutional investors and hedge funds, highlighting strong institutional interest.

Canopy Partners LLC bought a new stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,069 shares of the software maker's stock, valued at approximately $239,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Shopify by 1.9% in the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock valued at $4,563,106,000 after purchasing an additional 882,168 shares during the period. Mackenzie Financial Corp raised its position in shares of Shopify by 19.7% in the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after purchasing an additional 1,426,406 shares during the period. Nuveen LLC bought a new position in shares of Shopify in the first quarter valued at approximately $667,392,000. Canada Pension Plan Investment Board raised its position in shares of Shopify by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock valued at $565,504,000 after purchasing an additional 1,522,573 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Shopify by 21.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock valued at $539,382,000 after purchasing an additional 979,598 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of NASDAQ:SHOP opened at $161.28 on Wednesday. The company's fifty day moving average is $144.26 and its 200-day moving average is $118.06. The company has a market capitalization of $209.61 billion, a PE ratio of 90.10, a P/E/G ratio of 7.70 and a beta of 2.72. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $169.69.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the prior year, the firm earned $0.26 EPS. The company's revenue was up 31.1% on a year-over-year basis. On average, analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SHOP shares. ATB Capital lowered shares of Shopify to a "sector perform" rating in a research report on Thursday, August 7th. Cantor Fitzgerald set a $156.00 price target on shares of Shopify and gave the company a "neutral" rating in a research report on Wednesday, August 27th. Needham & Company LLC began coverage on shares of Shopify in a research note on Monday, July 14th. They set a "buy" rating and a $135.00 target price for the company. UBS Group upped their target price on shares of Shopify from $110.00 to $145.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Finally, CIBC upped their target price on shares of Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Shopify presently has a consensus rating of "Hold" and a consensus price target of $151.95.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.

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